Market Manipulation. Search

SEC v. TD Securities (USA) LLC (spoofing, 2024)

Settled

Checked against the primary document on October 2, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

Report an error in this record (sec-td-securities-usa-llc-spoofing-2024) by email

In 2024, the Securities and Exchange Commission settled an action with TD Securities (USA) LLC. The order finds a trader on TD Securities' Treasury desk spoofed the U.S. Treasury cash market in hundreds of instances, imposing $400,000 disgorgement, $135,700 interest and a $6.5 million penalty. The release records a civil penalty of $6.5 million, disgorgement of $400,000, prejudgment interest of $135,700.

The record

Structured fields for this action, as recorded in our case library.
Agency SEC
Release number 3-22223
Date filed 2024-09-30
Status settled
Asset class bonds, futures
Criminal parallel No
Defendants TD Securities (USA) LLC (entity)
Cited as charged or alleged Exchange Act s.9(a)(2) ; Securities Act s.17(a) (statutes and rules cited in the document; not a finding that they were violated)
Techniques Spoofing

What was ordered

Civil penalty
$6.5m
Disgorgement
$400k
Prejudgment interest
$136k
Total relief
$7m
Alleged gain
—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

the Securities and Exchange Commission announced this matter on September 30, 2024 as release 3-22223. The respondent named is TD Securities (USA) LLC (0 individuals, 1 entity).

This library tags the matter as spoofing, based on the conduct the regulator describes. Each tag links to a page explaining how that technique works, what statute it engages, and what penalties comparable actions have attracted. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

The order finds a trader on TD Securities' Treasury desk spoofed the U.S. Treasury cash market in hundreds of instances, imposing $400,000 disgorgement, $135,700 interest and a $6.5 million penalty.

The conduct is recorded against bonds and futures.

The relief recorded in our data is a civil monetary penalty of $6.5 million, disgorgement of $400,000, prejudgment interest of $135,700. Penalty and disgorgement are distinct: disgorgement returns the gain, while the penalty is punitive. We store them separately so that aggregate figures across the library are not double-counted.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

Timeline

  1. 2024-09-30 Administrative proceeding instituted (cease-and-desist)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Other actions in the library sharing at least one technique tag with this one.

Action Agency Filed Technique Penalty Status
SEC v. Frank M. Cerisano Jr. (spoofing, 2026) SEC 2026-08-10 Spoofing $335k settled
SEC v. Mingran Wang (spoofing, 2026) SEC 2026-06-25 Spoofing — settled
CFTC v. Sidney Lebental (spoofing, 2026) CFTC 2026-05-06 Spoofing $200k judgment
CFTC v. Gregg Smith and Michael Nowak (spoofing, 2026) CFTC 2026-01-16 Spoofing $350k judgment
SEC v. Artur Khachatryan (spoofing, 2025) SEC 2025-12-16 Spoofing $112k settled
CFTC v. Brett Falloon and Flatiron Futures Traders LLC (spoofing, 2025) CFTC 2025-09-09 Spoofing $200k judgment

Record added September 10, 2026. submit a correction.